新的共识正在出现：PVP时代已暂时结束

新的共识越来越强烈：PVP时代暂时结束了。

Author: Nianqing, ChainCatcher

作者：Nianqing，Chaincatcher

Editor: TB, ChainCatcher

编辑：TB，ChainCatcher

A new consensus seems to be increasingly forming: the PvP era has temporarily come to an end.

似乎越来越多的共识正在形成：PVP时代已暂时结束。

Pump.fun's revenue has dropped by more than 90% over the past 24 hours compared to the historical peak of $15.38 million on January 25. The celebrity token craze is the last accelerator to push the memecoin crazy ride to its peak. The Libra incident may mark the end of the great era of Memecoins. The key point is that the mentality of the players has changed, and even the small "P" players can no longer "P" themselves.

与1月25日的历史高峰相比，过去24小时的泵的收入在过去24小时中下降了90％以上。名人令牌热潮是将Memecoin Crazy Ride推向其顶峰的最后一个加速器。天秤座的事件可能标志着大型成员时代的终结。关键是玩家的心态已经改变，即使是小的“ P”玩家也无法自行“ P”。

As a result, Bitcoin has returned to the $8,000 range, and altcoins have collectively plummeted. There is a saying that ambition temporarily fades, and preserving oneself has become the current priority. This statement is particularly fitting for the current investment strategy in the crypto market. If the bull market's rising phase saw the market chasing hot money, in a downturn, investors prefer more stable annual yield products and prudent hedging strategies.

结果，比特币恢复了8,000美元的范围，而Altcoins统称下降了。有一个言论雄心会暂时消失，维护自己已成为当前的优先事项。该声明尤其适合加密市场中当前的投资策略。如果牛市的上升阶段看到了追逐热钱的市场，那么在经济低迷中，投资者更喜欢年度稳定的年收益产品和谨慎的对冲策略。

Although DeFi veteran Andre Cronje believes that those participating in meme coins are a group that is completely indifferent to DeFi or even blockchain, so meme coins have not stolen any attention. However, after the end of PvP, funds are indeed looking for other high-yield opportunities, and DeFi is beginning to show signs of recovery.

尽管德国资深人士安德烈·克朗杰（Andre Cronje）认为，参与模因硬币的人是一个完全漠不关心甚至是区块链的群体，因此模因硬币并没有偷走任何关注。但是，在PVP结束后，资金确实正在寻找其他高产机会，而Defi开始显示恢复的迹象。

Sonic has achieved a rapid increase in on-chain TVL from $0 to approximately $700 million in just two months since its launch at the end of December last year. Its ecological Dex project, Shadow Exchange, has rapidly attracted capital through high annualized mining rewards, with token prices soaring from a few dollars to hundreds of dollars.

自去年12月底推出以来，Sonic的链链TVL从0美元迅速增加到了约7亿美元。它的生态DEX项目Shadow Exchange通过高年度矿业奖励迅速吸引了资本，而代币的价格从几美元飙升至数百美元。

Launching high APY DeFi liquidity has almost become one of the recent strategies for new public chains. According to Defillama data, besides Sonic, emerging high-performance public chains focused on DeFi, such as Berachain, Sei, and Soneium, have seen an increase in TVL over the past week despite the overall market downturn, thanks to high annual yield accumulation strategies. Additionally, yield products from protocols like Pendle and Morpho are also in high demand.

发起高级APY DEFI流动性几乎已成为新公共连锁店的最新策略之一。根据Defillama数据，除了Sonic之外，尽管总体市场下降，但在过去一周中，贝拉辛（Berachain），SEI和SONEIUM（例如Berachain，SEI和Soneium）的高性能公共连锁店在过去一周中的增长增加了TVL。此外，Pendle和Morpho等方案的产物产品也很高。

Shadow Exchange: The "Golden Shovel" of the Sonic Ecosystem

影子交换：声音生态系统的“金铲”

The success of Shadow, in addition to Sonic's ecological incentives and subsidies, is largely due to its innovative gameplay. During the last DeFi Summer, Cronje proposed the ve(3,3) model, and this time, Shadow has improved upon the ve(3,3) model, proposing x(3,3).

除了Sonic的生态激励和补贴外，Shadow的成功主要是由于其创新的游戏玩法。在最后一个夏季，克朗杰提出了VE（3,3）模型，这次，Shadow在VE（3,3）模型上有所改善，提出了X（3,3）。

In simple terms, (3,3) is an agreement for everyone to work together to grow stronger:

简而言之，（3,3）是每个人共同努力以增强强大的协议：

However, ve(3,3) has a problem: the locking time is too rigid, requiring several years to achieve high returns, which poses significant risks and inflexible rules. Thus, Shadow's x(3,3) adds some new twists to the old mechanism, with the core being "flexibility + incentives":

但是，VE（3,3）有一个问题：锁定时间太僵硬了，需要数年才能获得高回报，这带来了重大的风险和不灵活的规则。因此，Shadow的X（3,3）为旧机制增加了一些新的曲折，其核心为“灵活性 +激励措施”：

Currently, Shadow has already validated the explosive potential of the x(3,3) model in the liquidity track. The trading volume on the platform over the past week has exceeded $1.4 billion, and its TVL has surpassed $130 million. The liquidity pools have approached 2,000, with some early pools having an APR that is outrageously high.

当前，Shadow已经验证了流动性轨道中X（3,3）模型的爆炸潜力。在过去一周中，该平台的交易量超过14亿美元，其TVL超过了1.3亿美元。流动性池接近2,000，其中一些早期池的APR非常高。

So, how does Shadow's high APY staking pool achieve this?

那么，Shadow的高度APY Staging Pool如何实现这一目标？

Shadow's high APY pools primarily attract users by distributing the reward token xSHADOW. Initially, to incentivize more people to mine, the rewards were in a "high emission" phase, leading to high annualized returns, sometimes reaching hundreds or even thousands of points. Additionally, Shadow uses Uniswap V3's concentrated liquidity mechanism. The narrower the range for providing liquidity, the more concentrated the rewards, making the APY appear higher. However, as more participants and tokens enter, the rewards gradually get diluted, and the APY naturally declines.

Shadow的High Apy池主要通过分发奖励令牌Xshadow吸引用户。最初，为了激励更多的人开采，奖励处于“高排放”阶段，导致高昂的年度回报，有时达到数百甚至数千点。此外，Shadow使用UNISWAP V3的集中流动性机制。提供流动性的范围较窄，奖励越集中，使APY显得更高。但是，随着越来越多的参与者和代币进入，奖励逐渐被淡化，而APY自然会下降。

Moreover, there is quite a bit of "water" behind the high APY. The staking rewards of xSHADOW have actual unlocking restrictions, with some rewards requiring a 6-month lock to be fully withdrawn. Additionally, you need to bear the risk of impermanent loss. If the pool's price fluctuates significantly, large holders selling off can also lead to loss risks. Furthermore, some users have complained that the APY displayed on Shadow's front end is calculated based on the narrowest price range, making it difficult for many investors to understand the actual returns, easily falling prey to "inflated" figures.

此外，高空APY后面有很多“水”。 Xshadow的放入奖励具有实际的解锁限制，有些奖励需要6个月的锁才能完全撤回。此外，您需要承担无常损失的风险。如果游泳池的价格显着波动，卖出的大型持有人也会导致损失风险。此外，一些用户抱怨说，在影子前端显示的APY是根据最狭窄的价格范围来计算的，这使许多投资者难以理解实际收益，很容易被“膨胀”数字的猎物。

Shadow has been online for less than two months and is still in its early stages. Coupled with Sonic's ecological subsidies and airdrop expectations, it is challenging for the high APY to be sustained for long. As the locked amount (TVL) increases and more participants join, the rewards will

Shadow在上网不到两个月，仍处于早期阶段。再加上Sonic的生态补贴和气盘期望，长期以来，高级APY持续很大。随着锁定金额（TVL）的增加，更多的参与者加入，奖励将